China brokerages' H1 net profit up 23.5%; average net commission rate falls to 0.0171%
In short
The Securities Association of China (中证协) has sent brokerages an analysis of the industry's first-half 2026 operations, according to CLS, 36Kr and Jiemian. It says the 150 securities firms earned operating revenue of 329.81 billion yuan and net profit of 138.664 billion yuan, up 31.38% and 23.50% year on year, with 136 firms profitable. The industry's average net commission rate on brokerage trading fell to 1.71 per 10,000 (0.0171%), the analysis says.
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The Securities Association of China has sent securities firms an analysis of the industry's operations in the first half of the year, CLS and 36Kr reported on 8 October, the latter citing Securities Times. According to the analysis, the industry's 150 securities firms earned operating revenue of 329.81 billion yuan and net profit of 138.664 billion yuan, up 31.38% and 23.50% year on year. Of these, 136 firms were profitable, more than 90% of the total, and the loss-making firms were mainly investment banking subsidiaries and similar units. [ 1 , 3 , 4 , 5 ]
The analysis also says securities firms provided trading and custody services for 112.74 trillion yuan of client assets in the first half, and that the industry's average net commission rate on agency securities trading fell to 1.71 per 10,000, which it says has significantly reduced investors' trading costs. CLS, Yicai, 36Kr and Jiemian all reported the commission-rate figure; Jiemian, citing People's Daily financial news, said its reporters had learned of the analysis recently. [ 1 , 2 , 3 , 6 ]
Why it matters
The figures, carried by several business and tech outlets, give an industry-wide view of Chinese brokerages' first-half revenue and profit. The analysis says the lower average net commission rate has significantly reduced investors' trading costs.
Key facts
- The Securities Association of China sent securities firms an analysis of the industry's operations in the first half of the year. [ 1 , 3 , 4 , 5 , 6 ]
- The 150 securities firms in the industry had first-half operating revenue of 329.81 billion yuan, up 31.38% year on year. [ 4 , 5 ]
- Industry net profit was 138.664 billion yuan, up 23.50% year on year. [ 4 , 5 ]
- 136 firms were profitable, more than 90% of the industry; loss-making firms were mainly investment banking subsidiaries and similar units. [ 4 , 5 ]
- Securities firms provided trading and custody services for 112.74 trillion yuan of client assets in the first half. [ 1 , 3 , 6 ]
- The industry's average net commission rate on agency securities trading fell to 1.71 per 10,000 (0.0171%). [ 1 , 2 , 3 , 6 ]
Confirmed by several sources
Still unclear
- When the analysis was sent to brokerages. CLS dates its reports 8 October, while Jiemian says only that reporters learned of it recently.
- What the average net commission rate was before the decline. The documents say the rate fell to 1.71 per 10,000 but give no earlier figure or comparison period.
- The full contents of the analysis. The analysis was sent to brokerages; outlets report only selected figures from it.
- Securities firms served 112.74 trillion yuan of client assets in the first half. Reported by a single source so far
- The 150 securities firms had operating revenue of 329.81 billion yuan and net profit of 138.664 billion yuan, up 31.38% and 23.50% year on year. Reported by a single source so far
- 136 securities firms were profitable in the first half. Reported by a single source so far
What local media are saying
Timeline, local time
- CLS reports the association's analysis showing the average net commission rate fell to 1.71 per 10,000. [ 1 ]
- Yicai and 36Kr carry the commission-rate figure. [ 2 , 3 ]
- CLS reports that 136 brokerages were profitable and gives first-half revenue and profit figures. [ 4 ]
- Jiemian reports the commission-rate and client-asset figures, citing People's Daily financial news. [ 6 ]